Cohn reportedly considered quitting last August after Trump equivocated in his condemnation of neo-Nazis and white supremacists who marched in Charlottesville, Virginia.
During the election, Trump's attacks on trade deals found great resonance in industrial areas of Pennsylvania, Michigan, Ohio, and Wisconsin - key states that Trump won, sometimes surprisingly, en route to his Electoral College win. And that underscores the second big danger facing investors: a decisive turn toward protectionism that provokes a trade war and tips the economy into recession.
Cohn-Navarro discussions sometimes turned into shouting matches, occasionally in front of Trump. The president based his action on a report from the Commerce Department, led by Ross, that the United States needed a self-sufficient steel industry in case of a major war.
"We urge you to reconsider the idea of broad tariffs to avoid unintended negative consequences to the USA economy and its workers", 107 House Republicans wrote in a letter to Trump on Wednesday.
Chinese flags fly at a steel factory in Wu'an, Hebei province.
Trump, who has cast tariffs as an effort to protect American manufacturing jobs, told delegates at a Latino Coalition Legislative Summit on Wednesday that he is pursuing a "rebirth of the American Dream", and will continue to do so. He might decide to impose more anti-dumping and countervailing duties on Chinese aluminum imports after the USA government filed an anti-dumping suit last November. He has allowed other countries easy means by which to exempt themselves. He accompanied Trump to an annual global financial meeting in Davos earlier this year and sought to reassure financial markets that the administration's "America first" rhetoric does not mean "America alone".
Trump mentioned the possibility of tariffs on the campaign trail.
Trump's latest unilateral moves come at a moment of vulnerability for the president.
The official said the tariffs would impact the renegotiation of the bilateral free trade deal with the United States that is now underway. But if the tariff measure is a warning shot to China, it is viewed as falling short while alienating voters at home and allies overseas. "And we've had 30 years since the mid-'80s, both in New Zealand and here in the USA and globally, of basically free markets being driving the whole thinking, the whole rhetoric around governing". He added that as Trump was "looking for good people, it happens that a lot of them had Goldman Sachs affiliations". Trump said he plans to authorize tariffs of 25% on steel imports and 10% on aluminum imports. Or jack up the tariffs even higher on the countries that still must pay them. There has been no follow-up on this idea or interagency support. But Trump's protectionist policies and unpredictable approach to policymaking have made a once prestigious gig unpalatable for many.
Trump, meanwhile, says he will take counter-counter measures, if necessary. Nobody. And what will Trump do next to distract us from the chaos he's creating?